The '811' service is an app based on all-digital zero- balance account facility, which can be used to open account through PAN and Aadhaar verification.PTI | May 03, 2017, 18:08 IST

Buoyed by the growing digital banking transactions, Kotak Mahindra Bank has set an ambitious target of doubling its total customers from 8 million to 16 million in the next 18-24 months.

The newly launched '811' service of the bank will be a drive to achieve the target, top company officials said here. The '811' service is an app based on all-digital zero- balance account facility, which can be used to open account through PAN and Aadhaar verification.

The bank officials said that around 52% customers do digital transactions, of which 54% do it via its mobile banking offerings.

The newly-launched app-based savings account is seen gaining popularity among young banking customers as customers below 40 years are interested in the service, he added.

The 811 service is available at about 700 locations where the bank has its branches. It allows opening of accounts anywhere, anytime and takes roughly around five minutes using the Kotak's mobile banking app, bank officials said.

In terms of features, the bank claims that 811 offers over 100 mobile features including complete financial transactions, managing investments, fund transfers and supports other e-commerce apps. Also, it is fully integrated with Bharat QR code and its UPI enabled for instant payments.

The bank claimed that 811 customers will not be charged with any fees for all digital transactions and will get a free virtual debit card.